Channel Tunnel operator: No-deal Brexit ‘becoming very likely’
Getlink, formerly known as Eurotunnel, is preparing for a no-deal Brexit, believing the outcome is ‘becoming very likely’.
Reporting its first half results today, it said~if the UK left the European Union without a deal, its EBITDA forecast would be €560 million, while if an agreement was reached the figure would be €575 million.
"As the absence of an agreement on Brexit on 31 October is becoming very likely, the reference scenario for 2019 is now the no-deal one," it said.
It said both passenger and lorry traffic has dipped in the first half of this financial year due to Brexit uncertainty.
It said forward bookings were impacted by the ‘hesitancy of certain customers’ but was confident of hitting targets in the summer.
The group’s EBITDA for the period was down 2% to €255 million while net profit was up 5% to €41 million.
Eurotunnel’s revenue rose 1% to ~€456 million while EBITDA dropped 1% to €251 million.
Jacques Gounon, chairman and CEO of Getlink, said: "In the first half of the year, despite the jolts resulting from the political uncertainties of Brexit the Group has once again demonstrated the resilience of its business model with revenue growth for the tenth time in a row.
"Without the recent strike by French customs officers, the Group’s EBITDA would also have increased. The Group remains confident in its ability to manage the next stages of Brexit and confirms the dividend growth policy. "
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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